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The estate of the owner must be probated in order for title to the real estate to pass to the heirs, or, for an estate representative to convey legal title to any buyer.
When the estate is probated the court will appoint an Executor if there is a will or an Administrator if there is no will. The court will issue Letters Testamentary or Letters of Administration. Those letters give the estate representative the authority to settle the estate according to the provisions in the will or/and the state probate laws, under the supervision of the court.
The debts of the estate must be paid before any property or proceeds from a sale can be distributed to the heirs. In the case of an Executor, the real estate can be sold only if that power was granted in the will or by a license issued by the court. An Administrator must obtain a license to sell from the court. Since the estate representative has the power and authority to sell the real estate, and the authority over the estate, there should be no question regarding how to 'collect expenses' after the sale of the property. The expenses should be deducted before the proceeds are distributed.
If the Executor or Administrator has distributed the proceeds prematurely, they must get funds back to pay the expenses or they will be personally responsible for paying those expenses due to their mishandling of the estate. Remember, the debts of the estate must, by law, be paid before any property can be distributed.
If the house was sold by the heirs after the estate had been settled in probate, the proceeds should not have been distributed by the sibling who represented the family in the sale until the expenses were deducted. The person who handled the sale will be held personally responsible for paying the expenses incurred by the sale and they may have to sue their siblings for reimbursement.
What else can I help you with?
Why do counting house salary treat as an office expenses in cost accounting?
I want to know what is the meaning of Counting House Salary in Cost Accounting?
If you inherit a house is there a time limit To sell it The estate is under the dollar requirement for taxes IN CA?
No. Once inherited, it is yours to do with as you wish...same as if you bought it.
Do you have to claim money on your tax return that you inherited?
If you just inherited a bag full of money, no. If you inherited a tax deferred account like an IRA, 401k, or pension, you may have to pay tax when you take the money out. If you inherited property such as a house or stocks, you may have to pay taxes on the growth in value between the date of death and the date you sold the property. If you inherit US Savings Bonds, you may have to pay tax on the interest when you cash them in, including interest earned during the life of the deceased if the deceased was not declaring the interest annually on his or her taxes.
Can an executor get paid for getting the house ready to sell painting cleaning etc?
Yes, an executor can be compensated for the work they perform in preparing a house for sale, such as painting and cleaning, as long as the estate's documents or state laws allow for it. These expenses may be considered reimbursable costs or part of the executor's fee, depending on the jurisdiction and the terms of the will. It's advisable for the executor to keep detailed records of all related expenses and to consult with an attorney to ensure compliance with legal requirements.
Do you have to pay taxes if you sell a house and property you inherited in Oklahoma?
Actually inheritance (if any) taxes were handled when you received the property. That point in time establishes your basis in owning the property. What you sell it for above that value essentially decides what your taxable gain will be.
If a sibling has continued to live in deceased mom house can other siblings have him evicted?
An estate must be probated in order for title to the real estate to pass to the heirs whether there is a will or not. If several siblings inherited a house then each one has the right to the use and possession of the whole property so you can't have him evicted. However, the parties should come to some mutual agreement about rent and expenses. You need to consult with an attorney who can review your situation and then explain your options.
How can I address the situation of my sister living rent-free in our inherited house?
You can address the situation by having an open and honest conversation with your sister about the expectations for living in the inherited house, including discussing the possibility of contributing to household expenses or creating a formal agreement for sharing the living space. It's important to communicate your concerns and come to a mutually agreeable solution.
What is the cost basis of the inherited house?
The cost basis of an inherited house is typically the fair market value of the property at the time of the original owner's death.
What if there are five family members and two of them do not want to sell an inherited house?
Have the house appraised for current market value, divide the price by 5 and have the siblings who want to keep the house buy out the others. If that does not work, you can petition the court in your jurisdiction to partition the property. The court will appoint a commissioner to sell the property and the fees will be deducted from the proceeds.
Who lived in your house?
My parents and my siblings
Expenses that can be subtracted form gross income?
Deductions
Can you include personal expenses in the proprietorship?
can we take personal expenses ( example my children school fees,hospital fees my house construction expenses )in the proprietorship concern
Inherited a house with stipulations are they legal?
Stipulations may be legal depending on what they are.
Do you pay taxes on sale of inherited house?
i personally dont think you would have to pay sales tax on a house that you inherited unless you are paying for the utilities lighting and all the heating and cooling soo yes and no.
What expenses can you deduct on your taxes when selling a house?
When selling a house, you can potentially deduct expenses such as real estate agent commissions, legal fees, and certain home improvement costs from your taxes.
What does Harry inherited from Sirius Black?
He inherits Sirius Black's house - Grimmauld Place and his house elf, Kreacher.
What does Jana Duggar do around the house?
The usual house chores, just like her siblings.
